Similar to other states, a firm seeking to register as a state registered investment advisor in Illinois is required to file the Form ADV Part 1 and Part 2 along with any applicable schedule or appendix through the Investment Adviser Registration Depository (“IARD”) system and correspondingly pay in advance the registration fees via the IARD system. Additionally, a firm applying for state registration as an investment advisor in Illinois is required to send the miscellaneous documents identified below directly to the Illinois Securities Department. Here is a brief summary of certain requirements of an investment advisor firm registering in Illinois.
Illinois requires investment advisor firms to designate individual(s) as having supervisory responsibilities over the investment adviser representatives of such investment advisor firm.
If an investment advisor firm registered with the Illinois Securities Department has custody (other than automatic fee deduction), then the investment advisor firm is required to maintain a net worth of $35,000.
Illinois also follows the U.S. Securities and Exchange Commission’s custody requirements for an investment advisor.
The Illinois investment advisor registration requirements and other information listed above are being provided for your convenience and are not intended as advice by RIA Compliance Consultants, Inc. Your use of or reliance upon this information does not create a consulting engagement with RIA Compliance Consultants.
Please understand that RIA Compliance Consultants does not guarantee the accuracy of the Illinois investment advisor registration requirements listed above. This information may not be current, and there may be additional Illinois investment advisor registration requirements, forms and procedures which are not identified above. The information on this website is not sufficient for determining whether to register as an investment advisor firm or investment advisor representative. A prospective or existing Illinois registered investment advisor should review in detail the published investment advisor rules of the Illinois Securities Department. The information on this website page does not address renewal requirements of an investment advisor or the requirements of a private fund advisor. In the event that the investment advisor or investment adviser representative applicant has a disclosure event, the Illinois Securities Department is likely to request additional information and documentation.
The information on this website page is not intended to be an all-inclusive analysis of the state investment advisor registration requirements of Illinois. This website page is not intended as a substitute for and should not be considered the equivalent of consulting with investment advisor compliance professional.